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The latest news on Billionaires from Business Insider

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    Elon Musk

    Warren Buffett, Elon Musk and Larry Ellison have all accumulated huge followings on Twitter, but they had to start somewhere.

    All these men have large net worths and personalities, but here's how they introduced themselves to a world capped at 140 characters.

    SEE ALSO: The 20 cities around the world with the most billionaires

    1. Jack Dorsey

    Probably one of the most famous tweets is also the first tweet ever. The CEO and co-founder of Twitter tweeted out in March of 2006:


    2. Warren Buffett

    Buffett is known for punchy catchphrases such as, “Buy businesses that can be run by idiots,” and, "The difference between successful people and really successful people is that really successful people say no to almost everything."

    So it’s no surprise that Buffett’s first tweet comes as a short punchline. 

    Just a few retweets. No big deal.

    3. Elon Musk

    There are plenty of fake Elon Musk accounts on Twitter, some of the funniest being @BoredElonMusk and @therichwiseman, but Musk made sure to let followers know his first tweet was legitimate:

    He even used a smiley face. How nice.

    See the rest of the story at Business Insider

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    fake rich person, money, new york stock exchange, nyse, Rich Uncle Pennybags

    Like its economy, America’s tax system is heavy up top—especially at the state level, where payments from the super-rich form a substantial share of revenue.

    When hedge-fund magnate David Tepper announced he was moving from New Jersey to Florida, the state estimated that it could face millions of dollars in lost taxes, putting New Jersey’s revenue base and budget at risk. Indeed, income tax rates vary considerably across states, from zero in places like Florida to nearly nine percent or more in states like New York.

    With inequality rising and related political concerns rising faster still, a number of states have imposed millionaire taxes in an effort to close the growing wealth gap, redistribute income, and generate more revenue.

    But to what extent do the super-rich actually move away from a state to avoid taxes?

    That’s the key issue addressed in a new study published in the American Sociological Review by Cristobal Young and Charles Varner of Stanford and Ithai Z. Lurie and Richard Prisinzano from the U.S. Treasury Department. To get at this, the authors used detailed IRS data on the tax returns of all million-dollar income-earners in the U.S. between 1999 and 2011.

    Strikingly, they find that millionaires move at a lower rate (2.4 percent) than the population as a whole (2.9 percent). The chart below, which tracks migration rates from 1999 to 2011, shows how these rates fall as incomes rise. Those making $10,000 a year have the highest migration rates—about 4.5 percent per year. As incomes climb, the migration rate falls steadily, until it reaches its lowest point (2 percent) for those making $90,000 a year.

    Once incomes reach millionaire-level, the migration rate increases, but only slightly. As the study points out, “higher-income earners show greater residential stability … than do low-income earners.” In other words, the well-off tend to be even more settled than other residents.

    citylab study

    “Persistent millionaires”—those who earn $1 million or more year after year—have the lowest overall migration rates (1.9 percent); substantially less than one-time millionaires (3.2 percent), according to the study. Thus, residents with a consistent flow of wealth are less likely to migrate outside of their own state. “These results help explain how elite income embeds people in their local regions,” the authors write. “People who can expect continuous flows of million-dollar income over time do not tend to move.”

    In other words, the consistently rich are the most settled of all, mainly because they depend on the places they live for their wealth to begin with. As readers of this site know, the industries and businesses where Americans are likely to make the most money tend to be highly concentrated in high-cost, high-tax locations like New York, D.C., San Francisco, and L.A.

    That said, those millionaires who do move are more likely to move to a lower-tax state, the study finds. On average, a 10 percent increase in a state’s top tax rate leads to a one percent decline in its millionaires. Still, only around 2 percent of millionaires move due to income taxes, according to the study.

    To dig deeper into millionaire migration, the study examines the migration patterns for two states with high tax rates (New York and Illinois) and two with no personal income tax (Texas and Florida). In New York and Illinois, the study does find a net out-migration of millionaires, particularly to states with lower tax rates. And in Texas, the study finds a net in-migration of millionaires.

    Interestingly, all three states saw a large portion of their millionaires migrating to Florida. In fact, Florida has a net in-migration of millionaires from nearly every state in the U.S., especially from those with higher tax rates. The study dubs this influx of millionaires “the Florida effect.” After removing Florida from the equation, they find little evidence of millionaire migration—even to low- or no-tax states such as Texas, Tennessee, or New Hampshire.

    The authors also look at the flow of millionaires in counties that border states. The map below shows the tax differences for 1,134 counties adjacent to interstate borders, representing 35 percent of all millionaires and 32 percent of the U.S. population. On the map, high-tax sides of the border are shaded in blue, and low-tax sides are shaded in orange.

    Those states with the largest tax differences between their borders include Oregon and Washington (7.3 percentage points), Vermont and New Hampshire (6.7), and North Carolina and Tennessee (6.4). Between bordering counties within the same state, the study finds, the county with the higher taxes has a significantly smaller millionaire population.

    citylab study

    That said, the study finds no difference in millionaire population between the low- and high-tax counties that straddle state borders. What’s more, millionaire migration does not seem to be affected by shifts in a state’s tax rates.

    Ultimately, the study finds that, while some millionaires do move to lower-tax destinations, the overall rate of millionaire migration is extremely low. When all is said and done, the super-rich tend to migrate less then the rest of us. The reason for this is simple—most people depend on the places they live for their incomes, since their businesses are based there.

    Indeed, this new study confirms an increasingly important fact of our economic geography: because some places generate a lot more wealth than others, the amount of money we make is largely tied to where we live.

    SEE ALSO: Here are the youngest and oldest counties in the US

    Join the conversation about this story »

    NOW WATCH: These secret codes let you access hidden iPhone features

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    Charleston mansions along water

    We've given you a glimpse into the fabulous lives of the super rich— and noted some of the outrageous things they can buy with their billions — but perhaps more representative of their extravagant lives are their lavish homes.

    Thanks to CNBC's show "Secret Lives of the Super Rich,"and Luxury Listing's new Instagram account, we get a peek into how the super rich live. 

    We sorted through CNBC's Instagram account, @cnbcsuperrich and @luxlistingsnyc, and gathered pictures of some of the poshest homes out there.

    Dare to dream!

    This is an update of a post originally published by Kathleen Elkins.

    SEE ALSO: The 15 countries with the most billionaires

    Their penthouses look like something from the future.

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    There's no need to travel to the real Arc de Triomphe when your patio looks like this.

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    If the infinity pool or Jacuzzi get boring, the Atlantic is just a few strides away.

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    See the rest of the story at Business Insider

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    wealthy man binoculars

    With an estimated net worth of $75 billion, Bill Gates, the richest person on Earth, would need to add another $925 billion to his fortune before becoming the first trillionaire in history.

    As implausible as it may sound, one Silicon Valley entrepreneur believes such an achievement isn't just doable, but over the next several decades, inevitable — and it won't necessarily be Gates who gets there.

    "We need to be ready for a world with trillionaires in it," says Sam Altman, the president of Y Combinator, the tech industry's largest and most well-respected incubator for start-ups. "And that's always going to feel deeply unfair. It feels unfair to me. But to drive society forward, you've got to let that happen."

    Altman's hunch is a solid one. 

    Bob Lord, an inequality analyst and tax attorney, believes the shift in wealth could happen as early as 25 to 30 years from now. But it probably won't be someone like Gates who makes it to 13 digits first — Gates is far too preoccupied with giving his money away, Lord says. 

    "I think it's going to take someone less like Gates and more like Rockefeller," he tells Tech Insider.

    Elon Musk

    John D. Rockefeller, who was lucky enough to fall into the money-making oil industry, largely preferred to sit on his wealth rather than pay it forward. At his richest, the tycoon was worth the equivalent of $350 billion in today's money.

    The first billionaire could be a total unknown, Lord says, or it could be someone like Elon Musk "who hits four or five home runs rather than one."

    "Someone is going to create something that no one has conceived of before," he says. And chances are, that something will produce unprecedented levels of wealth for one person at the tippy top.

    Altman, for his part, believes technological innovation will increase exponentially to the point where the people behind those innovations will make hundreds of billions of dollars a year.

    He believes the more money that companies like Y Combinator put behind niche industries like driverless vehicles and virtual reality, the more popular they will become and the more likely it is that they can transform society.

    "The first trillionaire will be an inventor, someone who creates something world-changing, like Bill Gates did with the PC," Oliver Williams, of the London-based consultants Wealth Insight, told The Times of London.

    Olli driverless shuttleAccording to Credit Suisse's 2013 Global Wealth Report, global wealth has more than doubled since 2000, reaching an all-time high of $241 trillion. The analysis found there could be more than a billion millionaires globally, or roughly 20% of the adult population, within just two generations.

    "If this scenario unfolds," the authors write, "then billionaires will be commonplace, and there is likely to be a few trillionaires too — eleven according to our best estimate."

    That's right: There could be as many as 11 trillionaires walking the planet within the next 50 years.

    "I think we just have to accept that there are going to be people who have wildly more money than others," Altman says. "The tradeoff of that is that I think we should guarantee a pretty good standard of living for everybody, but this socialism ideal that everyone should be totally equal — I don't think that's going to work."

    If the world is overflowing with money, most people will receive a small portion of that wealth, ideally enough to create a stable life should they choose to work or not, Altman believes. And at the other end will be the trillionaires. 

    SEE ALSO: Here's what Parker Conrad, the controversial ousted founder of Zenefits, is working on now

    Join the conversation about this story »

    NOW WATCH: This is how billionaires can buy their survival during an apocalypse

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    Howard Schultz Starbucks

    Thirty years ago, Howard Schultz got into the coffee business with one goal in mind: to enhance the personal relationship between people and their coffee.

    He's now responsible for Starbucks, one of the world's most beloved brands and the largest coffee chain on the planet, with a market capitalization of $82 billion as of July. Last year, Starbucks' profits reached $2.8 billion on revenues of $19 billion, both record highs.

    But Schultz isn't singularly focused on the traditional bottom line. He's a dynamic model of a progressive CEO who's as animated by social issues and employee welfare as he is profit margins. In fact, in a letter to employees on Monday, Schultz announced wage raises ranging from 5% to 15% for all US employees, effective October 3. The wage hike reinforces Schultz's longstanding commitment to investing in his employees' success, and it positions Starbucks as a key player in the biggest economic story in America today.

    How did Schultz, who came from a "working poor" family in the Brooklyn projects, overcome adversity and grow a quaint Seattle coffeehouse into the world's largest coffee chain and a model for conscious capitalism?

    Scroll through to learn the story behind Starbucks and its leading man.

    Additional reporting by Shana Lebowitz.

    NOW READ: Meet the top 100 business visionaries creating value for the world

    DON'T MISS: Starbucks is transforming coffee shops into bars — here's what it's like to go to one

    Schultz was born on July 19, 1953, in Brooklyn, New York. In an interview with Bloomberg, he said that growing up in the projects — "loosely described as the other side of the tracks"— exposed him to the world's wealth disparity.


    He experienced poverty at an early age. When Schultz was seven years old, his father broke his ankle while working as a truck driver picking up and delivering diapers. At the time, his father had no health insurance or worker's compensation, and the family was left with no income.

    Source: "Pour Your Heart Into It"

    In high school, Schultz played football and earned an athletic scholarship to Northern Michigan University. But by the time he started college, he decided he wasn't going to play football after all.

    To pay for school, the communications major took out student loans and took up various jobs, including working as a bartender and even occasionally selling his blood.

    Source:"Pour Your Heart Into It"

    See the rest of the story at Business Insider

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    Billionaires aren’t like you and me. They’re billionaires. And geezer billionaires, like a lot of other crusty old dudes, seem kind of chronically cranky.

    That, however, may be less of an arthritic reaction to aging and more of an occupational hazard of having to say so many times, “No, I’m not going to give you money just because I have a lot.”

    But they take care of their own, even the whippersnappers.

    That may be why so many of them are closing gilded ranks around Republican nominee-to-be Donald Trump, who says he is worth about $10 billion – or about $5.5 billion more than the Forbes assessment of his assets.

    So who’s on board the Trump Train careening toward the GOP National Convention in Cleveland next week?

    Rupert Murdoch. Jerry Hall’s husband is backing Trump, according to several reports, and as far back as April, the New York Post — part of Murdoch’s News Corp empire — ran a full-throated editorial endorsement. The two Brexit supporters even got together at Trump’s golf course in Scotland after the UK voted to disengage from the European Union. All that after Trump and Fox News battled on social media during the primary season. A détente was eventually reached, and Fox anchor Megyn Kelly, whom Trump had pilloried, sat down with him for a softball interview.

    Sheldon Adelson. The casino mogul, as Trump once was, endorsed the real estate developer and reality TV star in a Washington Post op-ed. “You may not like Trump’s style or what he says on Twitter, but this country needs strong executive leadership more today than at almost any point in its history,” Adelson wrote.  Adelson, a ferocious supporter of Israel and a prominent member of the Republican Jewish Coalition, has not commented on a Trump tweet that many denounced as anti-Semitic. (Trump was strongly defended by son-in-law Jared Kushner, who is Jewish – as is his daughter Ivanka, who converted and married Kushner.) At one point, Adelson said he would spend $100 million to get Trump elected, though it remains unclear how much he has contributed to the campaign.

    rupert murdoch

    Wilbur Ross. The Wall Street bottom-fisher told CNBC in June that the Trump “phenomenon” has happened because the middle class and lower middle class have not benefited from the economic rebound and because they are tired of political correctness. He said he didn’t think that the math behind Trump’s promise to wipe out $19 trillion in U.S. debt worked, but he said Hillary Clinton’s promises are also fanciful and campaigns pledges have to be viewed as symbolic. Last weekend, Ross held a fund-raiser for Trump at his Southampton, N.Y. estate.

    Carl Icahn. If Ross thinks the Trump insurgency is about an angry middle class, this billionaire backer may be one of the reasons the American hoi polloi have been left behind, according to Fortune. In a video endorsement last September, the onetime corporate raider and current “activist investor” -- whom Forbes lists as the43rd richest person in the country with a $16.9 billion fortune — said: “I want to speak out now because, I know this may sound corny but I grew up in the streets of Queens. I love this country and I feel so strongly about the dysfunction that is going on both in Washington and the boardrooms of corporate America.” 

    T. Boone Pickens. The Oklahoma-born oil, wind power and water billionaire gave $100,000 to GOP presidential candidate Jeb Bush but switched to Trump after Bush dropped out. At a panel discussion last May in Las Vegas, the 88-year-old Pickens said he was ready to take a chance on Trump, adding that if it’s a mistake, he’ll be gone.

    But not all crusty billionaires are willing to roll the dice on Trump. Charlie Munger, the 92-year-old vice-chairman of Warren Buffett’s Berkshire Hathaway, told Yahoo Finance in May that Trump is a “true believer. He believes in himself,” and in February called him “morally unqualified” to be president. 

    SEE ALSO: Here's what billionaire Donald Trump's office looks like

    Join the conversation about this story »

    NOW WATCH: Forget Q-tips — here’s how you should be cleaning your ears

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    Chelsea owner Roman Abramovich smiles during the Barclays Premier League match between Chelsea and Hull City at Stamford Bridge on August 18, 2013 in London, England.

    Many of the world's richest billionaires are Russian.

    Of the nation's most affluent citizens, all are men, many earned their wealth through the metal, oil, and banking industries, and some — like Chelsea Football Club owner Roman Abramovich — are even involved in sports.

    We've compiled a ranking of the richest Russians in the world, based on their estimated net worth on Forbes' list of the world's top billionaires.

    Here are the 15 wealthiest people in Russia, from rich to insanely rich.

    Note: Net worth figures listed refer to the individual's estimated net worth on Forbes as of 2016.

    15. Alexei Kuzmichev

    Estimated net worth: $6.7 billion (£5.1 billion)

    Age: 53

    Self-made billionaire Alexei Kuzmichev controls the lucrative investment giant Alfa Group along with Mikhail Fridman (no. 2 on this list) and German Khan (no. 10). The London-based mogul also co-founded Russia's largest private banking institution, Alfa Bank, and helped form the oil business TNK-BP before it was sold to another oil company.

    13. Mikhail Prokhorov (TIED)

    Estimated net worth: $7.6 billion (£5.8 billion)

    Age: 51

    Mikhail Prokhorov's fortune comes from being the owner of the National Basketball Association team the Brooklyn Nets and the Barclays Centre, the team's home in New York City, as well as his investment in the nickel corporation Norilsk Nickel. The businessman is also known for his unsuccessful run against Vladimir Putin in Russia's 2012 presidential election.

    13. Roman Abramovich (TIED)

    Estimated net worth: $7.6 billion (£5.8 billion)

    Age: 49

    Another affluent sports enthusiast, the famous oligarch Roman Abramovich earns his wealth from investments in companies including the steel and mining business Evraz, nickel manufacturer Norilsk Nickel, and Chelsea Football Club, which he owns.

    See the rest of the story at Business Insider

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    As of 2016, there are 2,188 billionaires across the world, according to a recent report from Hurun, a Shanghai firm that releases yearly rankings and research about the world's richest people.

    It turns out that some companies have a higher concentration of the richest of the rich than others. Of course, some of these companies are run by powerful families that have multiple billionaires in their clan, but others are not.

    Read on to see the 11 companies with the most billionaires:

    SEE ALSO: The 20 youngest self-made billionaires in the world


    Headquarters: Menlo Park, California

    Number of employees: 12,700

    Number of billionaires: 5

    The social-networking service and website was cofounded in 2004 by current CEO Mark Zuckerberg, Dustin Moskovitz, Eduardo SaverinAndrew McCollum, and Chris Hughes.

    In 2015, Facebook generated $12.5 billion in annual sales. It also topped Business Insider's 2015 list of the 50 best companies to work for in America.

    Estée Lauder

    Headquarters: New York City, New York

    Number of employees: 44,000

    Number of billionaires: 5

    Estée Lauder, which manufactures and markets skin-care, makeup, fragrance, and hair-care products, was cofounded by the husband-wife team of Estée Lauder and Joseph Lauder in 1946.

    Today, the Lauder family controls 77% of the company's voting power and has an estimated net worth of $16.5 billion.

    Hennes & Mauritz

    Headquarters: Stockholm, Sweden

    Number of employees: 93,351

    Number of billionaires: 5

    H&M, the popular clothing and accessories company, was founded in 1947 by Erling Persson. His son, Stefan Persson, took over as CEO for 16 years, until 1998.

    Today, Stefan owns a 28% stake and serves as chairman, while his son, Karl-Johan, serves as CEO.

    See the rest of the story at Business Insider

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    Mark Zuckerberg

    Frugality is a subjective term. To the average Joe it could mean eating meals at home or scouring the internet for cheap flights.

    But to a billionaire it means showing up to work in a T-shirt and jeans, driving a Toyota or Volkswagen, and, in some instances, foregoing the purchase of a private jet or lavish vacation home.

    Surprisingly, some of the richest people on earth are incredibly frugal, each one with their own penny-pinching habits.

    From eating lunch in the office cafeteria with their employees to residing in homes worth a fraction of what they could afford, these eight self-made billionaires — many of whom are also generous philanthropists— know the secret to keeping their net worth high.

    DON'T MISS: After studying rich people for 5 years, I realized there are 10 critical habits the wealthy learn from their parents

    SEE ALSO: The 50 richest people on earth

    Warren Buffett, chairman and CEO of Berkshire Hathaway, still lives in the same home he bought for $31,500 in 1958.

    Net worth:$68.1 billion

    The "Oracle of Omaha" is one of the wisest and most frugal billionaires around. Despite his status as one of the richest people on earth, he still lives in the same modest home he bought for $31,500 in 1958, doesn't carry a cellphone or have a computer at his desk, and once had a vanity license plate that read "THRIFTY," according to his 2009 biography. And when his friend of 25 years Bill Gates visits Omaha, Buffett picks Gates up from the airport himself.

    Buffett also has a decidedly low-brow palate, known not just for investing in junk-food purveyors like Burger King, Dairy Queen, and Coca-Cola, but also for filling up on them as well. The Buffett diet includes five Cokes a day, as well as Cheetos and potato chips.

    At his annual shareholder's meeting in 2014, Buffett explained that his quality of life isn't affected by the amount of money he has:

    "My life couldn't be happier. In fact, it'd be worse if I had six or eight houses. So, I have everything I need to have, and I don't need any more because it doesn't make a difference after a point."

    Mark Zuckerberg, founder and CEO of Facebook, drives a manual-transmission Volkswagen hatchback.

    Net worth:$51.5 billion

    Despite his status as one of the richest tech moguls on earth, Mark Zuckerberg leads a low-key lifestyle with his wife Priscilla Chan and their newborn daughter. The founder of Facebook has been unabashed about his simple T-shirt, hoodie, and jeans uniform.

    "I really want to clear my life to make it so that I have to make as few decisions as possible about anything except how to best serve this community," Zuckerberg said.

    The trappings of wealth have never impressed the 32-year-old, who in December 2015 announced he would donate 99% of his Facebook shares during his lifetime.

    Zuckerberg chowed down on McDonald's shortly after marrying Chan in 2012 in the backyard of their $7 million Palo Alto home — a modest sum for such an expensive housing market and pocket change for a man worth more than $51 billion. In 2014, he traded in his $30,000 Acura for a manual-transmission Volkswagen hatchback.


    Carlos Slim Helú, founder of Grupo Carso, has lived in the same six-bedroom house for more than 40 years.

    Net worth:$31.6 billion

    Rather than spending his fluctuating fortune, Carlos Slim funnels his billions back into the economy and his vast array of companies. He once mused to Reuters that wealth was like an orchard because "what you have to do is make it grow, reinvest to make it bigger, or diversify into other areas."

    The 76-year-old is by far the richest man in Mexico, but he forgoes luxuries like private jets and yachts and reportedly still drives an old Mercedes-Benz. Slim runs his companies frugally, too, writing in staff handbooks that employees should always"maintain austerity in prosperous times (in times when the cow is fat with milk)."

    The businessman has lived in the same six-bedroom house in Mexico for more than 40 years and routinely enjoys sharing home-cooked meals with his children and grandchildren. He's got a couple of known indulgences, including fine art — in honor of his late wife — and Cuban cigars, as well as an $80 million mansion in Manhattan, which he was trying to sell last spring.

    See the rest of the story at Business Insider

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    Rich wealthy picnic

    Just four countries are home to over 60% of the world's High Net Worth Individuals, or HNWI, according to the World Wealth Report by the consulting firm Capgemini.

    An HNWI is defined as having "investable assets of $1 million (£750,000) or more excluding primary residence, collectibles, consumables, and consumer durables."

    Countries from five different continents make the top 19, with strong export economies and service sectors often the key features.

    Keep scrolling to see which countries have the most millionaires:

    19. Hong Kong — 142,000. We begin with Hong Kong, which has an extremely high concentration of millionaires given its population of under 8 million. It is seen by many as an entry point to the Southeast Asian market, and its status as a global business hub has made many of its citizens rich.

    18. Kuwait — 146,000. Being oil-rich is still a great way to ensure your country has a lot of millionaires, but Kuwait also has no income tax — which means whatever Kuwaitis earn, they keep.

    17. Brazil — 149,000. Brazil makes the top 20 again, but as its economy has taken a tumble in the past few months so has its population of millionaires, with its HNWI population falling 7.8% since the most recent report. The country still accounts for 56% of the millionaires in South America, however.

    See the rest of the story at Business Insider

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    dmitry kamenshchik

    All except one of the richest Russian billionaires and multimillionaires are men.

    Unsurprisingly, very few of those men are not married. Just 11 of the wealthiest Russian oligarchs on Forbes' billionaire list are either single, divorced, or widowed.

    They vary in age from 44 to 64, and have earned their respective fortunes from smart investments, creating major metal corporations, and owning sports teams.

    Here are Russia's most affluent unmarried men:

    Note: Net worth figures listed refer to the individual's estimated net worth on Forbes as of 2016. Where photos are not available, links have been provided to each billionaire's profile on Forbes.

    11. Eugene Kaspersky

    Estimated net worth: $1.1 billion (£840 million)

    Age: 50

    Marital status: Divorced

    A former software engineer, Eugene Kaspersky's fortune comes from his anti-virus computer software security company Kaspersky Labs.

    Read more about Eugene Kaspersky here.

    T-10. Oleg Boyko

    Estimated net worth: $1.2 billion (£916 million)

    Age: 51

    Marital status: Single

    Entrepreneur Oleg Boyko got rich from an assortment of business ventures and investments in finance and retail. Notably, Boyko opened the first shops in Moscow to have credit card readers, according to Forbes.

    Read more about Oleg Boyko here.

    T-10. Vasily Anisimov

    Estimated net worth: $1.2 billion (£916 million)

    Age: 64

    Marital status: Divorced

    Vasily Anisimov derived his wealth from his investment in the metallurgy business Metalloinvest and his real estate company Coalco. The self-made multimillionaire dabbles in athletics as well, as the head of the Russian Judo Federation.

    Read more about Vasily Anisimov here.

    See the rest of the story at Business Insider

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    Melinda Gates

    Melinda Gates is best known as Bill's other half. Some may even say she's his better half.

    Melinda — who shares an estimated fortune of $89.4 billion with her husband — has become one of the most powerful female philanthropists in the world as co-chair of the Bill and Melinda Gates Foundation, which she helmed virtually on her own for the first six years of operation.

    In addition to the pair's education and healthcare initiatives, Melinda takes a personal interest in women's issues around the world. At the forefront of her agenda is expanding the availability of contraception and, most recently,bringing awareness to the concept of time poverty — the notion that hours of daily unpaid work like household chores end up "robbing women of their potential."

    "When you invest in women, you invest in the people who invest in everybody else,"she wrote in a Fortune article last year outlining the benefits of hiring women in business. "And if you gradually start to take action, it won’t be long before you realize that investing in women is good for your mind, good for your soul, and good for your business."

    On International Women's Day, a celebration of women's progress and achievements, here's a look at the incredible force that is Melinda Gates.

    SEE ALSO: Melinda Gates reveals the best way for cash-strapped 20-somethings to make a big impact in philanthropy

    DON'T MISS: The Bill Gates Interview

    Melinda Gates (neè French) grew up in Dallas, Texas, with her parents — a stay-at-home mother and an aerospace-engineer father — and her three siblings. The family belonged to the local Roman Catholic parish.

    Source: Telegraph

    The Frenches were intent on sending all four of their children to college, so Melinda's father started a side business for rental properties. "We would help him run the business and keep the books," she said. "We saw money coming in and money going out."

    Source: Fortune

    Melinda was valedictorian and head of the drill team at her high school, Ursuline Academy of Dallas. In 2007, the Gates Foundation donated $7 million to Ursuline for the construction of The French Family Science, Math, and Technology Center — a 70,000 sq. ft. LEED Gold certified laboratory and classroom building.

    Source: Ursuline Dallas, Marie Claire

    See the rest of the story at Business Insider

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    Laucala Island, DeepFlight submarine

    It's hard finding the right gift for the one-percenter in your life.

    From a one-person submarine to a projection-screen autonomous robot, here are 10 gifts the millionaire in your life will thank you for.



    This private submarine is so much more exciting than a yacht.

    Yachts are the ultimate status symbol for the tech elite. No, a company called DeepFlight is taking luxury on the high seas to new depths, selling private submarines to the wealthy.

    The Dragon by DeepFlight is a two-man submarine that can be piloted with minimal training and withot a licensing. It can drop up to 400 feet underwater, unlocking access to stunning reefs, sealife, and shipwrecks. The vehicle lasts five to eight hours of use on one lithium battery charge.

    Buy it here: $1.5 million

    Swiss watchmaking meets Silicon Valley in this luxury smartwatch.

    Rolex may be the go-to watchmaker for the status-quo millionaire, but a Tag Heuer Connected is one of a kind. It's the first luxury smartwatch to emerge from the company's partnership with Google, and it has the tech to prove it.

    The watch looks like some of Tag Heuer's most iconic models, and yet, it packs an impressive Intel processor. The Connected comes equipped with weather monitoring, fitness tracking, messaging, and four stylish faces.

    Buy it here: $1,500

    The Teal drone is the coolest way to capture's life's moments.

    Most drones are designed for one primary use case, like aerial photography for the film industry or surveillance. George Matus, the 18-year-old CEO of Teal, wanted to build a drone for novices and professionals alike.

    The Teal aircraft can be operated autonomously and by remote-control. A user could throw it up in the air and instruct it to follow their daughter on the soccer field, or take it onto a track to race their friends. The drone comes equipped with 4K cameras and image recognition technology, so it remembers faces and records the moments you want to capture.

    Preorder it here: $1,299

    See the rest of the story at Business Insider

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    JK Rowling

    On a delayed train journey from Manchester to King's Cross station in London, the characters Harry Potter, Ronald Weasley, and Hermione Granger came "fully formed" to the mind of a young temp named Joanne Rowling.

    In the six tumultuous years following, she would imagine an entire magical world of witches and wizards, assume the pen name J.K. Rowling, and publish "Harry Potter and the Philosopher's Stone," the first novel in the now beloved "Harry Potter" series.

    Rowling has since become the UK's best-selling living author, her books have brought in more than $25 billion and sold more copies than any other book series, and the newest installment in the story, "Harry Potter and the Cursed Child,"is already a best-selling book— but not before Rowling had to overcome the hardships of rejection and being a single mother living on welfare.

    Here's an inside look at how Rowling went from living on welfare to becoming one of the world's top-earning authors:

    SEE ALSO: Why parents should encourage their kids to read 'Harry Potter and the Cursed Child,' according to a top psychologist

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    Born in the southwest of England, Rowling grew up along the border of England and Wales with her mother, father, and sister. She's said that she had always known she would be a book author. "As soon as I knew what writers were, I wanted to be one. I've got the perfect temperament for a writer; perfectly happy alone in a room, making things up." She wrote her first book (about a rabbit named Rabbit) at age six, and when her mother praised her work, she says she "stood there and thought, 'Well, get it published then.'"


    Rowling's teenage years weren't particularly happy, she told The New Yorker, claiming she came from a difficult family and saying her mother's 10-year battle with multiple sclerosis took a toll on her and the family. "You couldn't give me anything to make me go back to being a teenager. Never. No, I hated it," she told The Guardian.

    Source: The New YorkerThe Guardian

    Rowling said she "couldn't wait to get out" of her house. After studying French and classics at Exeter University, she went to work for Amnesty International in London as a researcher, among other jobs. It was during this time on a train journey from Manchester to her job in London that she began writing her "Harry Potter" series.

    Source: The Guardian


    See the rest of the story at Business Insider

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    Rich wealthy picnic

    The number of dollar billionaires in the UK has fallen to 106 — down from 130 since the same time last year, according to a report by wealth analysts at Wealth-X.

    This was mostly down to the fall in the value of the pound, which hit a thirty-year low right after the UK voted to leave the EU in the June 23 referendum.

    The combined wealth of all the UK's current billionaires is $295 billion (£226 billion), down from $395 billion ($303 billion).

    Overall there are 2,473 dollar billionaires in the world, with a combined wealth of $7.68 trillion (£5.89 trillion).

    Asia has the fastest growth rate of billionaires, with 678 new ones since the survey was done last year — four times more than the US.

    The report has also done a profile of the typical billionaire:

    • Education: 70% have done a bachelor's degree, but only 22% went on to do a masters.
    • 57% were self-made, up 7% from last year.
    • Finance is still the biggest billionaire industry, with 15.2% of billionaires from that sector.
    • Industrial conglomerates came second most common sector at 12.8% with real estate third at 5.7%.
    • Love and Marriage: 85% of today's billionaires are married, down 1% from last year.
    • Charity: Most billionaires are pretty generous, donating an average of $110 million each over a lifetime. Education is the cause closest to their heart, making up 54.5% of donations.
    • Over $4 trillion will be passed on by billionaires through inheritance in the next 20 years.

    Join the conversation about this story »

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    donald trump golfing

    When billionaires have free time, they have the means for extravagant hobbies, whether it's collecting classic cars or jet-setting across the globe. But the most common hobby billionaires pursue isn't a display of wealth — it's philanthropy. 

    Wealth-X, a company that conducts research on the ultra-wealthy, recently released its annual billionaire census, which explores the trends and habits of the world's richest people. The census tracked billionaires' passions, interests, and hobbies, providing us with a peek into how the super wealthy spend their free time.

    Philanthropy proved the most popular hobby, with more than half of all billionaires pursuing charitable activities. This generosity comes as no surprise, though, thanks to the rise in recognition of endeavors such as The Giving Pledge, a promise started by Bill Gates and Warren Buffett to commit more than half of their wealth to philanthropic causes during their lifetime. 

    "The Bill and Melinda Gates Foundation and The Giving Pledge have instilled a sense of humanitarian responsibility in billionaires to use their vast wealth to make a difference in the world," Wealth-X notes. 

    From art and fashion to hunting and fishing, read on to see the 20 most common hobbies and passions of the world's richest people, as well as the percentage of billionaires who participate in each.

    SEE ALSO: 13 hobbies highly successful people practice in their spare time

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    20. Skiing — 7.2%

    19. Watches — 7.7%

    18. Fishing — 7.8%

    See the rest of the story at Business Insider

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    the shining bar

    The richest people in the world are spooked.

    They're keeping more cash in their pockets, a sign of fearfulness. Liquidity, or the proportion of their net worth in cash or cash equivalents, is now at 22.2%, according to a report by the research firm Wealth-X.

    That means $2.22 out of every $10 in wealth is held in cash — the highest level since 2010.

    The report looked at 2,473 billionaires with a combined wealth of $7.7 trillion.

    It's not hard to see why the superrich would want the flexibility that comes with holding large sums in cash. Geopolitical turmoil, terrorism, Brexit, and the US election are adding volatility to global markets amid a grim economic picture.

    Here's Wealth-X:

    "Billionaires are taking money of the table where available, while uncertainties in the economy and the historical highs found in deals have resulted in cash-flush portfolios."

    Other factors are at play here, too. There was an increase in "liquidity events" in 2014 and 2015, with the superrich selling assets and taking their companies public. Here's Wealth-X again:

    "Global divestment M&A activity was at a near all-time high and in 2015 IPO proceeds registered a second consecutive year of the strongest performance seen since the end of the global recession. Once equity valuations return to more attractive levels, we expect a movement toward putting liquidity back into deals."

    In other words, the superrich have made some money over the past through years by selling assets, and they're holding back from putting that money back in to the market.

    SEE ALSO: This statistic will give Wall Street stock pickers nightmares

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    Art Basel Miami

    The world's richest people spend much of their time working to earn their fortunes, but there's always time for fun, especially when they appear on the guest lists for the most prominent film festivals, yacht shows, polo matches, football and soccer games, and tennis tournaments around the world.

    Wealth-X, a company that conducts research on the ultra-wealthy, recently released its annual billionaire census, which explores the trends and habits of the world's richest people. The report reveals that the typical billionaire's social calendar is jam-packed year round.

    From the fashion runways of London and Milan to a waterfront auto raceway in Monte Carlo, Monaco, read on to check out 21 of the biggest and best events frequented by billionaires.

    SEE ALSO: The 20 most common hobbies of the richest people in the world

    DON'T MISS: There are more billionaires than ever before — and they're worth a total of $7.7 trillion

    Davos World Economic Forum

    World Economic Forum's annual meeting of the minds — and money — is held in Davos, Switzerland, every January. The week-long international business conference invites world leaders and business magnates like Bill and Melinda Gates and Salesforce CEO Marc Benioff to discuss the world's most pressing social, political, and economic issues.

    Sundance Film Festival

    Hollywood takes over the scenic ski town of Park City, Utah, for the Sundance Film Festival every January. The 10-day event is the largest showcase of independent filmmaking in the US and doubles as a swanky winter getaway for Hollywood elite. 

    Super Bowl

    The biggest sporting event in the US happens every February, marking the end of the football season and the final face-off between the champions of the National Football Conference and the American Football Conference. More than 111 million television viewers watched this year's game — the 50th anniversary of the franchise — while deep-pocketed fans cheered from the stands.

    See the rest of the story at Business Insider

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    There are now more billionaires on earth than ever before — 2,473 of them, according to wealth information and insight firm Wealth-X, which released its annual Billionaire Census Monday. As part of its report, Wealth-X analyzed the Earth's growing billionaire population geographically, breaking down the regions that have seen the most growth in new billionaires and their fortunes. 

    The majority of billionaires have traditionally hailed from parts of the world with advanced Western economies — Europe and North America have 806 and 628, respectively. North America's group is the wealthiest with a combined net worth of $2.56 trillion, while Europe's billionaires are worth $2.33 trillion. 

    But Asia is minting more new mega-fortunes than any other part of the world. The region overtook North America by adding 85 new billionaires last year, bringing its total to 645. The combined wealth of Asia's ultra-rich now stands at $1.69 trillion.

    Check out the rest of Wealth-X billionaire map below:

    billionaire map wealthx

    SEE ALSO: The 20 most common hobbies of the richest people in the world

    DON'T MISS: The 50 richest people on earth

    Join the conversation about this story »

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